How ServiceSource Increased On-time Renewals in the Channel by 16%.
Download to learn how ServiceSource ignited the channel for a virtualization software company to increase on-time renewals.
Premium Partner Growth
Increase in On-time Renewals
Languages at 10 Global Centers
Success in the digital economy demands flexible scalability. Businesses must have the reach and people-power to drive global results while still delivering personalized and individualized customer experiences. Fostering loyalty and advocacy among customers means being everything to everyone. That kind of presence does not just increase operational capacity and yield vital customer data, but it also as a direct impact on the bottom line.
Many organizations lack the right infrastructure to scale up and down their sales engine to be the unique fit customers need. The most common solution for this problem is to create a network of channel partners who serve as proxy voices for the business. While these networks can vastly expand a business’ reach and deliver significant value, effectively managing the channel comes with its own set of challenges. How can you ensure brand consistency among disparate partners while aggregating vital information to make the most informed decisions at any given time?
For 10 years, the world’s leading virtualization software company relied on ServiceSource’s expertise to drive its customer success and renewals management. Based on these solutions, ServiceSource consistently generated positive results that provided the software company with the confidence to maintain a relationship year over year. The company recognized that their channel was not operating in an optimized way to deliver the results needed to fund more growth.
While the software company implemented a dedicated group to manage its network of channel partners, they sought additional support in connecting its channel management to their wider renewals strategy. The logic being: With more robust connective tissue between renewals and the channel partners, the virtualization software company could ensure a single, consistent voice when engaging with their customers.
“Our relationship has always been mutually strong and supportive,” said Padraic Flood, VP Selling Services of ServiceSource. “We manage renewals across 10 locations, 45 languages and 300 dedicated representatives – all with a 90% renewal rate. We know their business like it’s our own. So, when we began discussing the opportunities of the channel, we immediately started connecting the dots.”
At the outset of this new phase in the client relationship, the virtualization software company initially requested a single ServiceSource channel representative who would act as an extension of their internal channel team. Organizationally sitting atop the ServiceSource network of renewals representatives, this individual increased visibility as the escalation point person, not only to manage partner renewals, but to develop the teams into a more cohesive unit.
“Each channel partner was working from its own set of prioritized metrics, reporting systems and deal review processes. We immediately began standardizing the approach across the entire network with the goal of increasing visibility and accountability. With that succinct focus and clarity, each channel partnership could yield even greater value for the virtualization software company.” – Padraic Flood.
The team began expanding, and after developing a single song sheet for process consistency, ServiceSource integrated itself further among the partner community with a pay-forperformance model to optimize revenue and glean client feedback firsthand.
But process will only get you so far — the channel is very relationship driven. The best channel strategies are rooted in interpersonal trust and dialogue, so each partner can succeed and drive optimal revenue from each client.
That initial window into the channel community, as it impacted the wider approach to renewals, helped build vital relationships. ServiceSource developed these relationships among the company’s channel community through quarterly
business reviews (QBRs) with key partners.
This approach enabled ServiceSource to be the nexus point between the virtualization software company and its channel community, to better align goals, priorities and opportunities as they develop in real time. Inserting a single point of contact was part of the initial process, but it also strengthened team dynamics and made working with the company seamless.
After implementing this new channel support team and improved processes, the virtualization software company saw higher revenue, more predictable revenue and a 16% increase in on time renewal rates. ServiceSource also grew the number of premier partners in their network by over 50%. As a result, the company now forecasts revenue with greater reliability and makes more informed investment decisions for product and service improvements.
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